Raids on Montana investment pool reach $247M. Run on investment fund leaves Fla. cities cash-poor
| November 30, 2007 |  View for printing |
Budget director calls reaction to subprime exposure 'fear factor'
Montana local governments and school districts this week have pulled out $247 million of their funds from the state's Short Term Investment Pool over concerns about its small exposure to some risky subprime loans.
They have withdrawn 26 percent of the $896 million they had invested in the pool. The Short Term Investment Pool, or STIP, is like a money market fund in which local governments, school districts and state agencies put their extra cash until they need it.
By CHARLES S. JOHNSON Gazette State Bureau
Full Story: http://www.billingsgazette.net/artic ... estment.txt
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Montana's SIV investments called into question http://matr.net/article-26597.html
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Run on investment fund leaves Fla. cities cash-poor
School districts, counties, and cities in Florida are scrambling to raise cash after being denied access to their deposits in a $15 billion state-run investment fund. more stories like this
Florida's State Board of Administration, manager of the Local Government Investment Pool, halted withdrawals Thursday after $12 billion was pulled out this month from participants. Governments from Orange County to Pompano Beach asked for their money back following disclosures that the fund held $1.5 billion of downgraded and defaulted debt.
Full Story: http://www.boston.com/business/perso ... _cash_poor/
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